The groundbreaking global corporate-tax agreement secured last year by Treasury Secretary Janet Yellen included a "failsafe" measure to encourage compliance by its 137 signatories.

That tripwire now looks to be tested by its biggest member economy: the United States.

Just as some negotiators feared, Congress has shown little appetite for enacting the 15 percent worldwide minimum tax. Democratic Senator Joe Manchin—a swing voter in the 50-50 chamber—said this month he's not prepared to go ahead with a legislative package that contains the measure.

Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.

Your access to unlimited Treasury & Risk content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Thought leadership on regulatory changes, economic trends, corporate success stories, and tactical solutions for treasurers, CFOs, risk managers, controllers, and other finance professionals
  • Informative weekly newsletter featuring news, analysis, real-world case studies, and other critical content
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the employee benefits and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

News